FXStreet reports that FX Strategists at UOB Group suggest that USD/JPY faces a potential move to the 104.60 region in the next weeks.

24-hour view: “Upward momentum is beginning to improve after USD traded on a firm note after opening this morning. From here, USD could break the strong resistance at 104.25 but the major level at 104.60 is likely out of reach. Support is at 103.80 followed by 103.60.”

Next 1-3 weeks: “The subsequent surge that sent USD to 103.95 came as a surprise. The rapid improvement in momentum indicates further USD strength from here. A break of the major resistance at 104.25 could potentially lead to further rapid rise in USD towards 104.60. Overall, USD is expected to trade on a firm footing as long as it holds above 103.00 (‘strong support’ level).”